You may qualify for monthly Medicare premium refund
Medicare premiums for Parts B and D are determined by the Income-Related Monthly Adjustment Amounts (IRMAA), which follow a sliding scale based on income. These premiums are typically calculated using income reported to the IRS from two years prior (e.g.,...
SR Client Question: Is there a time limit on claiming a tax credit or refund?
Answer: The latest date, by law, you can claim a credit or federal income tax refund for a specific tax year is generally the later of these two dates: 3 years from the date you filed your federal income tax...
Cash payments may trigger Form 8300 e-filing requirement in 2024
Guarding against tax evaders, drug traders, and those who finance terrorism, the IRS requires certain businesses that receive payments of more than $10,000 in cash to file a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade...
Welcome new Staff Accountant Olivia Metcalfe!
We're thrilled to welcome (or rather, welcome back!) Olivia Metcalfe, our 2023 Spring Tax Season Intern who was recently hired on full-time as a Staff Accountant! Olivia is a 2022 graduate of Wayne State University and comes from a family...
What to do when an IRS notice shows up in your mailbox
In the course of a typical person’s lifetime, they likely have very little interaction with the IRS. However, it is possible to receive a legitimate written piece of correspondence from the IRS. What next? The most important response is to...
Remembering Amelia Escobedo
We remember our friend and longtime colleague Amelia Escobedo, who passed away on August 6. Amelia was a friendly face in the ShindelRock lobby, greeting guests and assisting clients with a cheerful attitude and a can-do spirit. Her gentle, kind...
Insurance proceeds for rent loss are not subject to sales tax in Florida
Due to the numerous hurricane-related loss claims in recent years in Florida, there has been uncertainty regarding whether insurance claim proceeds for lost rent on commercial rental properties should be included in your monthly Sales and Use Tax Return (Form...
Do you have a hobby or a business? The IRS will want to know…
From gardening to crafting and all things in between, people pursue a wide array of hobbies which are unlikely to generate income. However, for those hobbies that do earn money, individuals need to understand their obligation to report it on...
Appraisal requirement may cause some to rethink charitable donation of cryptocurrency
In January 2023, the IRS announced that taxpayers will not be eligible for a charitable contribution deduction if they donate digital assets valued over $5,000 without obtaining a qualified appraisal. Despite digital assets potentially having a value listed on exchanges...
Department of Defense offers free tax filing resources for military members
Active military service can pose challenges during tax filing, especially for deployed or intensely training service members. The MilTax program, administered by the Department of Defense, aims to alleviate these challenges by providing free tax return preparation and e-filing software...